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Bitcoin rebounded sharply Monday, hitting a one-month peak above $38,000, as US electric carmaker Tesla expressed fresh support for the world’s most popular cryptocurrency.

Bitcoin surged 10.6 percent to reach $38,145 at about 0850GMT, as investors cheered the supportive comments from Tesla tycoon Elon Musk.

“The bulls are back in town, and this time it seems like they are back with a vengeance,” said AvaTrade analyst Naeem Aslam.

“One of the biggest events was (Tesla boss) Elon Musk once again showing support for bitcoin and indicating the fact that Tesla would likely start accepting bitcoin again.”

However, the virtual unit still remains far from the record peak near $65,000 that was forged in April.

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